Grayscale’s 35 Altcoins, Tesla’s Bitcoin Move, Market Update

This week in the cryptocurrency market, Bitcoin’s value exceeded $68,000, while its market capitalization surpassed $2.28 trillion.

BeInCrypto highlighted notable interest from investors regarding events like Grayscale’s evaluation of 35 altcoins for potential investment products and the anticipation of an altcoin season as the US elections approach.

Moreover, Miles Deutscher has pointed out several altcoins that he believes may offer significant growth potential. The community is also closely observing Craig Wright’s legal initiatives and Tesla’s activities involving Bitcoin.

Grayscale Unveils 35 Potential Altcoins

Earlier this week, Grayscale revealed a list of 35 altcoins being evaluated for future investment products. Following this announcement, many of these altcoins saw substantial price gains throughout the week, with the top 10 experiencing increases between 13% and 49%.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

Out of the 35 altcoins, 30 experienced positive trends during the week, with Kaspa (KAS) and Helium (HNT) being the exceptions, declining by -4% and -7.4%, respectively.

“Assets Under Consideration enumerates digital assets not yet included in any Grayscale investment product, but our team has identified them as potential candidates for future inclusion,” Grayscale explained.

Additionally, Grayscale has submitted a proposal to the SEC to convert its Digital Large Cap Fund into an ETF, similar to the recent transformations of its Bitcoin Trust and Ethereum Trust into spot ETFs.

Miles Deutscher Highlights 4 Altcoins

Investor Miles Deutscher introduced four altcoins that he believes may yield 10-fold returns. These altcoins concentrate on sectors such as GameFi, artificial intelligence (AI), Decentralized Physical Infrastructure Network (DePIN), and real-world assets (RWA), including:

• SuperVerse (SUPER)
• Bittensor (TAO)
• Mantra (OM)
• Render (RNDR)

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Since the announcement, the prices of these altcoins have experienced a slight downturn concurrent with an increase in Bitcoin Dominance, which has reached a three-year peak. Deutscher has also mentioned meme coins, suggesting they are at a pivotal moment and may experience a temporary correction.

Craig Wright Plans to Sue Bitcoin Core

On October 11, a tracker from the UK High Court disclosed that Craig Wright is initiating legal proceedings against Bitcoin Core and Square.

Wright, representing himself as a “direct claimant,” is demanding £911 billion (approximately $1.18 trillion) from Bitcoin Core and Square, accusing them of misrepresenting Bitcoin (BTC) as the authentic iteration of the digital asset pioneered by Satoshi Nakamoto.

Wright has also threatened legal action against MicroStrategy CEO Michael Saylor for allegedly misrepresenting Bitcoin. The Australian computer scientist is also pursuing three additional legal appeals in the UK, with two filed against the Crypto Open Patent Alliance (COPA) and one against Peter McCormack.

Read more: Satoshi Nakamoto – Who is the Founder of Bitcoin?

Altcoin Season Ahead of US Presidential Election?

This week, numerous crypto experts conveyed optimism regarding the potential for altcoin price increases as the US presidential election approaches. Ki Young Ju, CEO of CryptoQuant, suggested that a Trump victory might lead to regulatory changes that could ignite an altcoin season.

“If Trump wins, regulatory changes are expected, including fee switches enabling token burns for revenue-generating projects,” Ki Young Ju stated.

Technical analysts Michaël van de Poppe and CRG have also forecasted the possibility of an altcoin season beginning next month. Aligning with this perspective, Crypto Rover anticipates an imminent altcoin rally by observing trends in Bitcoin Dominance. Bitcoin Dominance (BTC.D) indicates Bitcoin’s portion of total market capitalization, and its fluctuations frequently signal an altcoin surge.

Read more: Bitcoin Dominance Chart: What Is It and Why Is It Important?

Tesla Moves Bitcoin Worth Up to $760 Million

This week, Tesla, led by Elon Musk, made headlines by moving nearly all of the Bitcoin it had stored for three years to new wallet addresses. Initially, there were fears that Tesla might be preparing to liquidate its BTC, but those worries quickly eased as Bitcoin’s value remained stable.

“There is no evidence of an OTC deal yet. Even if it were, it would indicate someone else purchased it, so it’s not entirely bearish. Who knows?” remarked Sir Doge of the Coin said.

Read more: Who Owns the Most Bitcoin in 2024?

Many believe this move was simply a reallocation of assets. Back in 2021, Musk had declared that Bitcoin payments given to Tesla would be held as Bitcoin and not converted to fiat currency.